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the spending cuts and tax hikes are expected to take effect. >> the night before the fiscal cliff. the senate gave up until tomorrow. >> there is still time to reach an agreement. >> they dropped the demand to cut social security. >> i am optimistic we can live move legislation and get this averted before tomorrow. >> the taxes will go up on most americans. huge cuts kick in. >> i think it is obvious president obama wants us to go over the fiscal cliff. >> president obama blamed republicans. >> they say the biggest priority is making sure they deal with the deficit in a significant way. they are behaving in a way that they're only priority is that the tax breaks for the wealthiest americans are protected. blacks mitch mcconnell is vowing to find out. -- >> mitch mcconnell is vowing to find out. >> can the senate veteran help congress tumble to a deal on the last day? >> if we do go off the fiscal cliff, congress would be more likely to make a deal. members could claim they are cutting taxes. >> thank you. if america does fall off the fiscal cliff on the first of the year, maryland
the spending cuts and tax hikes are expected to take effect. >> the night before the fiscal cliff. the senate gave up until tomorrow. >> there is still time to reach an agreement. >> they dropped the demand to cut social security. >> i am optimistic we can live move legislation and get this averted before tomorrow. >> the taxes will go up on most americans. huge cuts kick in. >> i think it is obvious president obama wants us to go over the fiscal cliff....
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there's also a series of spending cuts that will also be triggered by the fiscal cliff. $1.2 trillion in sequestration will kick in beginning january 2nd. next year alone, $109 billion will be slashed. half from the defense budget and half from nondefense spending. the so-called doc fix would also go away, reducing medicare payments to doctors by 27%. and finally, unemployment benefits will run out for more than 2 million americans who have lost their jobs. benefits will only be available for up to 26 weeks, a drastic reduction from the 73 weeks available to some out-of-work americans. i want to go to sam stein, but first, dr. sachs, if we go over the cliff, it is the poor americans who will be hit the hardest, correct? >> well, there are parts of that where the poor will be hit the hardest. but if we make a deal right now of the kind that's being talked about, it's going to gut the federal budget for a decade to come. so we're on the brink either of these difficulties right now, which are real, or making terrible decisions that are going to lock us into a situation that we absolutely
there's also a series of spending cuts that will also be triggered by the fiscal cliff. $1.2 trillion in sequestration will kick in beginning january 2nd. next year alone, $109 billion will be slashed. half from the defense budget and half from nondefense spending. the so-called doc fix would also go away, reducing medicare payments to doctors by 27%. and finally, unemployment benefits will run out for more than 2 million americans who have lost their jobs. benefits will only be available for...
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Dec 28, 2012
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gregg: this lawmakers do not reach a deal with regard to the fiscal cliff cuts will go into the defense department. >> reporter: the whole package of spending cuts is $1.2 trillion, half to the defense department. the army, navy, air force marines would take equal cuts according to one analyst who says the impact on the military overall will be, quote, very serious. >> the pentagon and the departments are already in financial trouble, because there has already been a $480 billion cut that is being applied right now as we speak. to take another cut on top of that is devastating. >> reporter: it's not just the military itself that will take a hit, also the defense industry, defense contractors, private companies that do work for the pentagon. one democratic congressman in northern virginia whose district maybe hit the hardest by all of this says it could mean layoffs. >> the large defense contractors will probably be okay, they have significant cash reserves, most of them. the smaller contractors would have trouble getting their lines of credit extended, trouble keeping their employees, i
gregg: this lawmakers do not reach a deal with regard to the fiscal cliff cuts will go into the defense department. >> reporter: the whole package of spending cuts is $1.2 trillion, half to the defense department. the army, navy, air force marines would take equal cuts according to one analyst who says the impact on the military overall will be, quote, very serious. >> the pentagon and the departments are already in financial trouble, because there has already been a $480 billion...
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Dec 28, 2012
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cliff. >> spending cuts this is based on good intentions, a framework or agree to agree to spending cuts down the road and this is the criticism that historically, sort of ad nauseam, that there are those good intentions that never through. >> all of the republicans will hear grover norquist recite over and over, every time they promise spending cuts in exchange for tax hikes, the tax hikes came, the spending cuts never came. >> and how long will the road be in terms of what the subpoenaing cuts might or might not be? that will prolong the uncertainty in the market. and with the ceo conference call in the 6:00 hour, that should be very interesting. will we feel the effect of this in the first quarter earnings and gdp, other economic data points. >> it puts republican caucus in the house in the position of having to decide whether no deal is better than a bad deal. >> you know, melissa, if i could chime in, one thing, you didn't hear the president talking about the debt ceiling, and the treasury secretary says we'll start running up against the debt ceiling on monday. that's a very c
cliff. >> spending cuts this is based on good intentions, a framework or agree to agree to spending cuts down the road and this is the criticism that historically, sort of ad nauseam, that there are those good intentions that never through. >> all of the republicans will hear grover norquist recite over and over, every time they promise spending cuts in exchange for tax hikes, the tax hikes came, the spending cuts never came. >> and how long will the road be in terms of what...
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Dec 28, 2012
12/12
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now to the fiscal cliff hanger. three more days and then tax hikes on everyone, automatic spending cuts, and no deal reported. the two parties are talking again at least. steve has the latest from capitol hill. >> sources are capitol hill say president obama in today's talks feels he has the advantage back and that he will press on his original demand that income taxes rise on earnings over $250,000. it's a positive sign, the first meeting since mid november the four congressional leaders at the white house. called by president obama, house speaker john boehner is a key figure. >> the fact that he has come back to me says that they cannot come up with some kind of agreement. -- that they can come up with an agreement. >> both sides want to avoid middle-class tax cuts. the hang up is the tax hikes on the rich. those making over $250,000 in the obama reposal or $400,000, a level that mitch mcconnell reportedly said he might be able to sel? republicans won the debate shifted. >> the talk about taxes, but what it should
now to the fiscal cliff hanger. three more days and then tax hikes on everyone, automatic spending cuts, and no deal reported. the two parties are talking again at least. steve has the latest from capitol hill. >> sources are capitol hill say president obama in today's talks feels he has the advantage back and that he will press on his original demand that income taxes rise on earnings over $250,000. it's a positive sign, the first meeting since mid november the four congressional leaders...
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Dec 31, 2012
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what we're doing here, we are not going to offset the fiscal cliff, just doing the bush tax cuts. we'll only take away about 11%, 12% of total economic impact of the so-called fiscal cliff, all of the policies brought together because you'll be letting the payroll tax expire, the refundable tax cuts expire, and the sequester will be doing and we won't be doing much deficit reduction. we'll be increasing the deficit. it is just, i think, hard to step back and take in the totality of congressional failure around this issue. >> well, let's talk about what exactly is likely to happen or is the threat of what will happen. talk about the pentagon. talk about federal workers. talk about obviously the unemploy unemployed whose benefits are going away. >> absolutely. the biggest -- the most dangerous thing, the fiscal cliff is the unemployment insurance. if we go over for a month we can sort of trick everything else. we can -- the irs can do some tricks to make it so you don't feel tax increases quickly. we can do tricks to make it so we don't lay off people at pentagon, we can furlough th
what we're doing here, we are not going to offset the fiscal cliff, just doing the bush tax cuts. we'll only take away about 11%, 12% of total economic impact of the so-called fiscal cliff, all of the policies brought together because you'll be letting the payroll tax expire, the refundable tax cuts expire, and the sequester will be doing and we won't be doing much deficit reduction. we'll be increasing the deficit. it is just, i think, hard to step back and take in the totality of...
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defense sector facing major cuts if we do go over the fiscal cliff. how that industry will be affected if we don't get a deal today, we'll talk about that after the break. stay with us. any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> they say the biggest priority is making sure we deal with the debt in a serious way. the way they're behaving is their only priority is making sure that tax breaks for the wealthiest americans are protected. >> there's no single issue that remains an impossible sticking point. the sticking point appears to be a willingness and interest, or frankly, the courage to close the deal. >> the deadline to get a deal done, steadily getting closer and closer. the defense industry wi
defense sector facing major cuts if we do go over the fiscal cliff. how that industry will be affected if we don't get a deal today, we'll talk about that after the break. stay with us. any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader...
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Dec 31, 2012
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obama making remarks about the fiscal cliff aired it earlier today. he put much of the blame on shoulders of the republicans if no deal is reached. the gop fired back saying the president should lead right now not cast blame. correspondent s henry is live from the white house. >> he is frustrated going on a talk show today in the middle of the negotiations. he has not been on one of the programs since 2009. he felt it was important to get the message out there. you are right he was pounding the same message again and again f. we go up the fiscal cliff for not meeting them halfway. >>> not because democrats and congre congre congress don't want to go ahead and cooperate but i think it has been hard for speaker boehner and republican mcconnell to accept the fact taxes on wealthiest should go up a little bit sweas well as a deficit reduction package. if they can't say yes to good offers i have an obligation to make sure the entire burden of deficit reduction doesn't fall on seniors who are relying on medicare. >> republicans are expressing frustration sa
obama making remarks about the fiscal cliff aired it earlier today. he put much of the blame on shoulders of the republicans if no deal is reached. the gop fired back saying the president should lead right now not cast blame. correspondent s henry is live from the white house. >> he is frustrated going on a talk show today in the middle of the negotiations. he has not been on one of the programs since 2009. he felt it was important to get the message out there. you are right he was...
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if no fiscal cliff deal is reached, most everyone's taxes will go up tuesday with deep spending cuts kicking in. earlier i spoke with a democratic and republican strategist. maria cardona and anna navarro. they seemed to echo the sentiment of the voters. >> this is like, when you at the beginning of the year and you're in school at the beginning of the year, you get assigned a big project and you leave it until the last night. when i used to do that, my parents used to punish me. if kids were behaving the way these congress people are, they would all be in time-out. if it was the private sector, they'd all be fired. there's absolutely no excuse. the only solution lies with us, the american people, and with us the voters demanding that they start working together and actually coming up with something. we cannot continue having these spectacles every few months. it's like making sausage. >> can we talk about the optics of this, maria? there are many saying this is a republican and democratic problem, we're here because republicans won't play ball. >> well, i mean, it's easy for me to s
if no fiscal cliff deal is reached, most everyone's taxes will go up tuesday with deep spending cuts kicking in. earlier i spoke with a democratic and republican strategist. maria cardona and anna navarro. they seemed to echo the sentiment of the voters. >> this is like, when you at the beginning of the year and you're in school at the beginning of the year, you get assigned a big project and you leave it until the last night. when i used to do that, my parents used to punish me. if kids...
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Dec 27, 2012
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let's take a look at the so-called fiscal cliff. the bush tax cuts will expire. everyone, even republicans know if we go over the cliff, the bush tax cuts will be restored for at least 98% of americans. payroll taxes will go back to normal in 2013. the payroll tax cut was always intended to be a temporary measure. the alternative minimum tax would hit middle class americans. year after year, this has been fixed by lawmakers and like everything else notice fiscal cliff, it can be done retroactively. the harshest effects of spending cuts could be modified in the first month or two of 2013. in fact, the defense department, the irs and other government agencies are planning no immediate changes because they're anticipating some kind of deal. that leaves the unemployed, extended unemployment insurance will expire immediately if we go over the cliff. a deal later in january could theoretically restore extended benefits, the immediate damage will have already been done. for many people, this is all an interesting charade. but for the unemployed it's the real deal. get y
let's take a look at the so-called fiscal cliff. the bush tax cuts will expire. everyone, even republicans know if we go over the cliff, the bush tax cuts will be restored for at least 98% of americans. payroll taxes will go back to normal in 2013. the payroll tax cut was always intended to be a temporary measure. the alternative minimum tax would hit middle class americans. year after year, this has been fixed by lawmakers and like everything else notice fiscal cliff, it can be done...
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Dec 29, 2012
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at the 11th hour, just when people were starting to lose hope on the edge of the fiscal cliff the president met with leaders and said he was modestly optimistic about a deal on taxes. meeting this the red room, president obama held firm for tax cuts for families making up to $250,000 per year, and joining me on the north lawn of the white house is kristen welker. kristen, let's listen to what the president said about and up or down vote or what he expects from the senate. >> i had a good and constructive discussion here with the leadership about this tax hike on the middle-class. i am optimistic that we can reach an agreement that will be passed in both houses. if an agreement is not reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor and up or down vote for the floor, and i believe a p proposal could pass both houses with majorities as long as the leaders allow it to actually come to a vote. if members of the house or the senate want to vote no, they can. but we should let everybody vote. >> kristen, this up or down vote seems to
at the 11th hour, just when people were starting to lose hope on the edge of the fiscal cliff the president met with leaders and said he was modestly optimistic about a deal on taxes. meeting this the red room, president obama held firm for tax cuts for families making up to $250,000 per year, and joining me on the north lawn of the white house is kristen welker. kristen, let's listen to what the president said about and up or down vote or what he expects from the senate. >> i had a good...
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cliff most of the attention is about taxes going up and that being the so called fiscal cliff but the other side of that cliff is that the massive spending cuts automatic cuts are kicking in at the beginning of next year. largely targeted at the pentagon. and what is interesting is all of this deal making we are talking about on capitol hill would really just focus on unemployment benefits and tax side of the cliff as i mentioned and most of deals it appears would not shut off the so called sequester that would hit the pentagon. on "fox news sunday" senator lindsey graham told chris wallace he got a call from the defense secretary suggesting these cuts are coming. lake a listen. >> i was called by leon panetta at 7:30 during dinner. >> secretary of defense. >> this is the failure of the supercommittee to find $1.2 trillion in cuts. half of the 1.2 falls on defense who already cut. he says if we do this we will shoot the defense department in the head and send out 800,000 layoff notices the beginning of the year. he is worried to death if we don't fix sequestration we will destroy the
cliff most of the attention is about taxes going up and that being the so called fiscal cliff but the other side of that cliff is that the massive spending cuts automatic cuts are kicking in at the beginning of next year. largely targeted at the pentagon. and what is interesting is all of this deal making we are talking about on capitol hill would really just focus on unemployment benefits and tax side of the cliff as i mentioned and most of deals it appears would not shut off the so called...
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cutting through the clutter of the fiscal cliff and 2016, yes 2016, with a.b. stoddard of the hill, "the washington post," "time" magazine's michael crowley and jessica yellen. i'm candy crowley. this is "state of the union." we still don't know if a deal is in the works or out of the question. mitch mcconnell promised aen update as soon as he had any news to make. that could happen when the senate convenes a rare sunday session of congress. looking to dominate his side of the story while leaders wrangle on the details, president obama made his first sunday show appearance in three years, sitting down with nbc's david gregory this morning to talk about the fiscal cliff. >> i'm arguing for maintaining tax cuts for 98% of americans. i don't think anybody would consider that some liberal left wing agenda. that used to be considered a republican mainstream agenda. >> joining me senator olympia sn snowe of maine. let me start with that. it does seem sort of counter intuitive to have republicans wanting to fight for tax hikes for no one and in that fight, being willi
cutting through the clutter of the fiscal cliff and 2016, yes 2016, with a.b. stoddard of the hill, "the washington post," "time" magazine's michael crowley and jessica yellen. i'm candy crowley. this is "state of the union." we still don't know if a deal is in the works or out of the question. mitch mcconnell promised aen update as soon as he had any news to make. that could happen when the senate convenes a rare sunday session of congress. looking to dominate his...
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but avoiding the fiscal cliff is really not the goal here. cutting the deficit is. this is a case of gigantic political friendly fire in my view. we're targeting the wrong enemy. we should be targeting the deficit. >> i've read, dan, more carefully and it's extremely insightful. and one of the things that i take from you is that you're a markets guy who thinks about macro, and not just u.s. macro, but global macro. what i don't get about what you're saying now -- one thing i get very much about what you're saying now is a small deal doesn't solve anything except the immediate cliff problem and that's not the only problem we have. it's actually relatively minor, i agree with you. but if we engage in $500 billion fiscal contraction next year i think we're going to have a recession. as a guy who pays attention to macro, how does that help anybody? >> well, look, i actually -- one of the reasons i said, and it was a provocation of saying, the fiscal cliff, after the election, my view of where this was going was exactly where we are this morning. which is probably why yo
but avoiding the fiscal cliff is really not the goal here. cutting the deficit is. this is a case of gigantic political friendly fire in my view. we're targeting the wrong enemy. we should be targeting the deficit. >> i've read, dan, more carefully and it's extremely insightful. and one of the things that i take from you is that you're a markets guy who thinks about macro, and not just u.s. macro, but global macro. what i don't get about what you're saying now -- one thing i get very much...
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Dec 24, 2012
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it cannot be part of the fiscal cliff at all. if there is one, it will be a figleaf. something small to get people political coverage to cut the tax increases to be canceled. host: why is it so much harder today than it was in 1986, when her of writing was able to forge a compromise on tax reform? guest: where do you want to start? communications are very different now. the internet, cable tv, informing people differently. you have a different situation with the leadership. the 1986 tax act took three years to enact. congress was a lot less partisan, the country was less divided. also, that was different in the sense that it was opposed to be revenue neutral. at the end of the day, whenever they changed, it would bring in the same amount. now there is a general consensus that tax reform will have to bring in more revenue. that makes it a far more difficult process. in addition, the country has gotten older. more people are on medicare and social security and medicaid. that is where the voting power is, and that makes things but more difficult. guest: when you are look
it cannot be part of the fiscal cliff at all. if there is one, it will be a figleaf. something small to get people political coverage to cut the tax increases to be canceled. host: why is it so much harder today than it was in 1986, when her of writing was able to forge a compromise on tax reform? guest: where do you want to start? communications are very different now. the internet, cable tv, informing people differently. you have a different situation with the leadership. the 1986 tax act...
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i understand even if they reach a deal on the fiscal cliff, there are already defense cuts that will hurt anyway. >> that's right. those decisions have been made. what's so disappointing about this deal being constructed here, and hopefully there is one, is the fact sequestration is not on the table. that is going to take place anyway. we look at the readiness of our forces and readiness is a word that describes the preparedness to fight effectively and that he is what americans should remember. we look at one, do we have the people, and are they qualified with the appropriate skill sets, enlisted and officer. do we have the repair parts and maintenance hours to fix the equipment that we have and then are we able to train effectively with that with the amount of hours and time needed to do that. all of that would be cut back significantly, so the readiness of this force, its ability to fight is what i'm saying, would go down markedly. and also there's going to be significant morale impact to the force because all of the services on bases would be cut to include repair and maintenance
i understand even if they reach a deal on the fiscal cliff, there are already defense cuts that will hurt anyway. >> that's right. those decisions have been made. what's so disappointing about this deal being constructed here, and hopefully there is one, is the fact sequestration is not on the table. that is going to take place anyway. we look at the readiness of our forces and readiness is a word that describes the preparedness to fight effectively and that he is what americans should...
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interesting to see -- >> i know you have to go, the fiscal cliff -- the fiscal cliff wants to cut money from mental health services. >> indeed. mr. michael nutter of philadelphia, we appreciate it. >>> let's shift back to the fiscal cliff and the art of the possible with one of the lawmakers that will have to pass a vote if a deal is consummated, kay bailey hutchison, member of the appropriations committee and republican from texas, she joins me now. thanks so much for being on the program. >> thank you, luke. >> so we know now the ball is in the senate's court, emphasis is now on harry reid and mitch mcconnell. seems the house is not in session. johnny isakson, your colleague from georgia said congress should pass the $250,000 and below deal because that's what's going to happen afterwards. do you think that should happen? >> i do not. i think $250,000 is too low a threshold. a lot of working people who are couples would exceed that. however, i talked to some of my democratic colleagues and they are saying maybe in the $400,000 or $500,000 category we could set a benchmark. i do think
interesting to see -- >> i know you have to go, the fiscal cliff -- the fiscal cliff wants to cut money from mental health services. >> indeed. mr. michael nutter of philadelphia, we appreciate it. >>> let's shift back to the fiscal cliff and the art of the possible with one of the lawmakers that will have to pass a vote if a deal is consummated, kay bailey hutchison, member of the appropriations committee and republican from texas, she joins me now. thanks so much for...
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the big issue today, the fiscal cliff. and you may be asking yourself, why is this so important? what is so cataclysmic about our nation's finances that we need to implement these monster tax increases and make draconian spending cuts. well, if you want to understand the government and its problems, take a look at these numbers. let's start with tax revenue. these are the nation's tax revenues. what you have your is just over 2 trillion in income. that's all it is really. and look at these euros. a very big number. the spending in the federal budget. you will notice to these numbers bigger than that. not good. the deficit, like how much debt or adding. over a trillion. just when you're. federal government running a a tab of a trillion. we talk about this number of the time. let's get this zero's again. a very big number. tough to get your arms around these numbers. when you see it on a piece of paper it's easier. i thought it would be even easier if we thought about one american household. what if each of those numbers translate it into one family. if you ran the household like t
the big issue today, the fiscal cliff. and you may be asking yourself, why is this so important? what is so cataclysmic about our nation's finances that we need to implement these monster tax increases and make draconian spending cuts. well, if you want to understand the government and its problems, take a look at these numbers. let's start with tax revenue. these are the nation's tax revenues. what you have your is just over 2 trillion in income. that's all it is really. and look at these...
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cliff of tax hikes and spending cuts. the house planned to reconvene on sunday evening. a christmas season storm rolled through the northeast and new england, as the death toll climbed to 16. and lisa jackson announced she's stepping down as administrator of the environmental protection agency. and online, we've got a unique year-in-review of sorts. kwame holman has more. >> holman: science correspondent miles o'brien has had a most interesting 2012. he's crawled in sewage, cuddled with dolphins and played guinea pig lotof eeriments. watch some of the best outtakes of miles' science stories on the rundown. and we round up the most important lessons we've learned about helping kids stay in school from our series, american graduate. all that and more is on our web site newshour.pbs.org. margaret? >> warner: and that's the "newshour" for tonight. i'm margaret warner. >> brown: and i'm jeffrey brown. we'll see you online and again here tomorrow evening with mark shields and david brooks among others. thank you and good night.
cliff of tax hikes and spending cuts. the house planned to reconvene on sunday evening. a christmas season storm rolled through the northeast and new england, as the death toll climbed to 16. and lisa jackson announced she's stepping down as administrator of the environmental protection agency. and online, we've got a unique year-in-review of sorts. kwame holman has more. >> holman: science correspondent miles o'brien has had a most interesting 2012. he's crawled in sewage, cuddled with...
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so too will the fiscal cliff. $600 billion worth of tax increases and spending cuts. it is supposed to be automatic. but now republicans are suggesting a delay, the president just spoke trying to add pressure to congress to avoid going over the fiscal cliff. listen. >> my preference would have been to solve all these problems in the context of a larger agreement, a bigger deal, a grand bargain, whatever you want to call it, that solves our deficit problems in a balanced and responsible way that doesn't just deal with the taxes, but deals with the spending in a balanced way, so that we can put all this behind us focusing on growing our economy. but with this congress, that was obviously a little too much to hope for at this time. >> let's turn now to chief white house correspondent jessica yellin. let's talk a little bit about the outlines of the deal, the fact that the president came out to make his case and try to push this thing over the finish line. what does the white house have to do to gain the backing it needs. >> reporter: well, what we heard from the presiden
so too will the fiscal cliff. $600 billion worth of tax increases and spending cuts. it is supposed to be automatic. but now republicans are suggesting a delay, the president just spoke trying to add pressure to congress to avoid going over the fiscal cliff. listen. >> my preference would have been to solve all these problems in the context of a larger agreement, a bigger deal, a grand bargain, whatever you want to call it, that solves our deficit problems in a balanced and responsible...
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they knew the fiscal cliff was coming. 12 years' notice we had these bush tax cuts were going to expire. these kind of discussions require air they require time they require debate and we are now having them. when john thune says he hopes that senator reid brings a bill to the floor and it is open to discussion and amendment, not today. not today. it's too late for that. make a deal and stop markets from going over the edge, stop this economy from going over the edge. they will ruin a good economy, martin this is ridiculous, irresponsible, disgusting behavior. >> you don't want to hear this kind of detailed conversation going on now? >> no. no. >> you want to get a deal done? >> forget t no more details. no more details. you had 550 dies come one details. today is not the day. today's only job is to come up with a deal that ainvestigators going over the fiscal cliff and anything other than that is absolute irresponsibility you congressional malpractice. >> any deal? in other words, say some sort of temporary fix or have to be that long-term overhaul? >> i don't think -- at this point, b
they knew the fiscal cliff was coming. 12 years' notice we had these bush tax cuts were going to expire. these kind of discussions require air they require time they require debate and we are now having them. when john thune says he hopes that senator reid brings a bill to the floor and it is open to discussion and amendment, not today. not today. it's too late for that. make a deal and stop markets from going over the edge, stop this economy from going over the edge. they will ruin a good...
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part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us away from the fiscal cliff there was a word he did not say. that word was sequester. it would cut $100 billion from the budget next year, half from domestic programs and half from defense programs. and now as the deadline draws close, experts are look at these cuts from a national security standpoint and warning one final time about their impact on the safety of our service members. >> it is going to affect the operational force that is deployed in terms of its you ability to maintain its equipment and get repair parts. that force is deployed around the world. it is not just the force in afghanistan that
part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us...
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that are part of the fiscal cliff. mr. mccain: may i thank the senator from maryland, as always, for her usual courtesy and i think she had a very important message and i appreciate not only the words themselves but her eloquence and passion. mr. president, i ask unanimous consent that the senator from south carolina be included in a colloquy during my remarks. the presiding officer: without objection. mr. mccain: mr. president, i, like i believe all of us just finished watching the president's remarks at -- i guess it was the executive office building. and i'm not sure yet as i sort out my impressions of the president's remarks as to whether to be angry or to be saddened. i've been around this town for a number of years, and as is well known, i had an interest in the presidency more than academic and i've watched a lot of presidents, going back to president reagan from the standpoint of a member of congress. and i've watched these other crises as we go through them, whether it be the potential shutdown of the governme
that are part of the fiscal cliff. mr. mccain: may i thank the senator from maryland, as always, for her usual courtesy and i think she had a very important message and i appreciate not only the words themselves but her eloquence and passion. mr. president, i ask unanimous consent that the senator from south carolina be included in a colloquy during my remarks. the presiding officer: without objection. mr. mccain: mr. president, i, like i believe all of us just finished watching the president's...
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for everybody for 6 months until we get this resolved we wouldn't be talking the fiscal cliff that would take statesmanship from the president and it would do the economy a world of good and i wish that would happen. think about this, this is a major situation. we are almost 24-hours away from the new year. no business, no investor, no worker knows what the capital gains tax will be the personal tax is going to be the social security tax will be alternative minimum tax will be. it is like a third world country we are right to blame both parties in congress because they have to get their act together and get this done. >> i don't just blame both partys in congress i blame the president, too. this is about rolling up your sleeves making phone calls i remember whether it's lyndon johnson or bill clinton or ronald reagan they knew how to work the telephone. that's not happening here. >> it isn't. i think there's blame on both sides. one of the frustrations when i go to republican source on capitol hill they say the president is in the same place negotiation as he was 6 weeks ago that is to s
for everybody for 6 months until we get this resolved we wouldn't be talking the fiscal cliff that would take statesmanship from the president and it would do the economy a world of good and i wish that would happen. think about this, this is a major situation. we are almost 24-hours away from the new year. no business, no investor, no worker knows what the capital gains tax will be the personal tax is going to be the social security tax will be alternative minimum tax will be. it is like a...
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you've got half of those cuts in defense alone. >> well, the other part of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now, if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts, and that also would have a better outcome for our economy in the long term. but, you know, so far, at least, congress has not been able to get this stuff done. not because democrats in congress don't want to go ahead and cooperate, but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> you talk about a dysfunction in washington. you signed this legislation setting up the fiscal cliff 17
you've got half of those cuts in defense alone. >> well, the other part of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now, if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's...
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part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us away from the fiscal cliff there was a word he did not say. that word was sequester. it would cut $100 billion from the budget next year, half from domestic programs and half from defense programs. and now as the deadline draws close, experts are look at these cuts from a national security standpoint and warning one final time about their impact on the safety of our service members. >> it is going to affect the operational force that is deployed in terms of its you ability to maintain its equipment and get repair parts. that force is deployed around the world. it is not just the force in afghanistan that
part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us...
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off that fiscal cliff. the deadline's tuesday. if the deal isn't reached, taxes will go up on just about everybody. and massive spending cuts will kick in. >>> in india, the young woman gang-raped on a new delhi bus is dead. doctors say she died peacefully at that singapore hospital where she was being treated. authorities plan to add murder charges against the six suspects arrested in that rape. the charges will be filed thursday. angry protesters have been demanding justice and more protection for women. and police expect more demonstrations in the days to come. >>> four people are dead after a plane crashed at the moscow airport. four others were injured. eight people were on board, all of them crew members when the plane overshot the runway. don't go away. at 2:00 p.m. eastern, the top stories of the day including that growing outrage over russia's adoption ban. hundreds of americans are frantic after being told their adoptions are not going to go through. we'll also take a look back at the year in politics and the fierce batt
off that fiscal cliff. the deadline's tuesday. if the deal isn't reached, taxes will go up on just about everybody. and massive spending cuts will kick in. >>> in india, the young woman gang-raped on a new delhi bus is dead. doctors say she died peacefully at that singapore hospital where she was being treated. authorities plan to add murder charges against the six suspects arrested in that rape. the charges will be filed thursday. angry protesters have been demanding justice and more...
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. >> next, we will hear from members of congress about negotiations regarding the fiscal cliff today. harry reid followed by johnson -- john thune. >> thank you. i was gratified to hear the cuts are off the table. they should never have been on the table to begin with. there is still significant difference between the two sides. negotiations continue. we intend to continue negotiations. we will come in at 11:00 a.m. tomorrow morning. we will have further announcements. i hope so. >> next, talking about the fiscal cliff. john thune. >> thank you for the update. midafternoon today, senator john thune spoke with reporters on where things stand on the fiscal cliff. >> where do things stand as far as a republican deal? >> republicans advanced a proposal last night and you heard senator mcconnell talk about it on the floor. we're still waiting for a counteroffer. there was an indication we would receive the by 10:00 this morning, but discussions still continue. senator mcconnell and vice president joe biden are continuing to discuss this and we think there still could be a path forward. dem
. >> next, we will hear from members of congress about negotiations regarding the fiscal cliff today. harry reid followed by johnson -- john thune. >> thank you. i was gratified to hear the cuts are off the table. they should never have been on the table to begin with. there is still significant difference between the two sides. negotiations continue. we intend to continue negotiations. we will come in at 11:00 a.m. tomorrow morning. we will have further announcements. i hope so....
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in other words, less than 48 hours before we go over the fiscal cliff. meanwhile, president obama cut his hawaii vacation short to return to washington today. but has he been working on a deal? "outfront" tonight, reports from both ends of pennsylvania avenue. chief white house correspondent, jessica yellin, and senior congressional correspondent, dana bash. jessica, first, to you, the president's back in washington, wheels down. he left his christmas vacation early. but was this just a bit of showmanship, or has he been working on something specific? >> reporter: hey, john. well, today has been a bit of a quiet day here at the white house. publicly, the president has been scarce, no sign of him. behind closed doors, i'm told a few meetings internally, but mostly, relatively quiet. i expect we will see more from the president, perhaps we could even see him publicly tomorrow. perhaps he could even meet with or talk to some of the congressional leaders. the president's role in all of this, he can get each of the leaders to come closer on what the white hou
in other words, less than 48 hours before we go over the fiscal cliff. meanwhile, president obama cut his hawaii vacation short to return to washington today. but has he been working on a deal? "outfront" tonight, reports from both ends of pennsylvania avenue. chief white house correspondent, jessica yellin, and senior congressional correspondent, dana bash. jessica, first, to you, the president's back in washington, wheels down. he left his christmas vacation early. but was this just...
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one other thing from the president's speech, the fiscal cliff will end. now the super cliff in february and march. looks like a huge battle of the sequester. republicans want different spending cuts and debt ceiling on top of it. get ready for the super cliff? >> so you are saying today is just a band-aid. >> listen, the battle will be more fervent in the spring. it doesn't sound like they will delay it. that's an even bigger battle, i think. >> i think governor greg man u, some say he is partisan on the right, he had an op ad over the weekend. if we want to be a nation that gives people unlimited healthcare and social security no matter what you pay in, taxes have to go up on everybody. do you agree? >> answerly. tax absolutely. we can give reasonable benefits, controlled, smart spending with, do all those things and keep tax cuts at a reasonable rate. >> with the average single income household. let's say the man works, wife doesn't, or vice versa. it is $6 used versus every $1 paid in. 6-1. can clearly unsustainable. >> we need far more fundamental ref
one other thing from the president's speech, the fiscal cliff will end. now the super cliff in february and march. looks like a huge battle of the sequester. republicans want different spending cuts and debt ceiling on top of it. get ready for the super cliff? >> so you are saying today is just a band-aid. >> listen, the battle will be more fervent in the spring. it doesn't sound like they will delay it. that's an even bigger battle, i think. >> i think governor greg man u,...
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the fiscal cliff legislation. when it made its way across the capitol to the republican controlled house, g.o.p. lawmakers immediately expressed concern about the lack of spending cuts. with the house majority leader publicly and bluntly stating he does not support the bill and the republicans are still at this time, as you look live behind the doors meeting at this hour, they are planning a vote series at some time. but we don't know when. it may include amending the senate bill and sending it back to the senate. meantime, house democrats are demanding a straight up-or-down vote on what came over from the senate. the late-breaking developments leaving the automatic spending cuts and tax increases tied to the fiscal cliff still in play right now. in a desperate race against a different clock, we have another free-flowing, fluid situation tonight. likely a lot of breaking news from capitol hill. we begin with fox team coverage. chief washington correspondent ed henry looks at the president's next move. chief congre
the fiscal cliff legislation. when it made its way across the capitol to the republican controlled house, g.o.p. lawmakers immediately expressed concern about the lack of spending cuts. with the house majority leader publicly and bluntly stating he does not support the bill and the republicans are still at this time, as you look live behind the doors meeting at this hour, they are planning a vote series at some time. but we don't know when. it may include amending the senate bill and sending it...
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keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody has been talking about. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start and so there are some programs that are scheduled to be cut that we're using an ax instead ax instead of a scalpel. may not always be the smartest cuts and so that is a piece of business that still has to be taken care of. and i want to make clear that any agreement we have to deal with these automatic spending cuts that are being threatened for next month, they have to be balanced. my principle is to do things in a balanced, responsible way and that means that revenues have to be part of the equation in turning off the sequester and eliminating the automatic spending cuts as well as spending cuts. now, the same is true for any future deficit ag
keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody has been talking about. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start and so there are some programs that are scheduled...
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but the other thing about the fiscal cliff is you don't want to be blamed for going over it. it is going to be bad for the economy. it's bad for the country. what speaker boehner's done is create a situation in which we're going to go over the fiscal cliff. but the people who want higher taxes, the democrats, they're not going to be blamed for it. after all, it was john boehner who walked away from negotiations to try plan "b" last week. then it was john boehner who planned to pass plan "b" that very same week. then it was mr. boehner who said it was up to the senate, someone else's problem. just from a pr perspective, what john boehner has done here is a debacle for the republicans. and the white house, they've just been sitting back the last week or so and letting it happen. but today, they gave us their plan going forward. you could call it deal and jam. >> i'm optimistic we may still be able to reach an agreement that could pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreement isn't reached in time, between
but the other thing about the fiscal cliff is you don't want to be blamed for going over it. it is going to be bad for the economy. it's bad for the country. what speaker boehner's done is create a situation in which we're going to go over the fiscal cliff. but the people who want higher taxes, the democrats, they're not going to be blamed for it. after all, it was john boehner who walked away from negotiations to try plan "b" last week. then it was john boehner who planned to pass...
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we shouldn't be in this fiscal cliff today. we shouldn't have had sequestration and automatic cuts. we shouldn't have had the debt controlling debackle. all that was manufactured by the united states congress. and so i'm sanded by where we stand. >> can i ask you this is with all respect is there a concern that perhaps you're almost bailing at a time when your moderation is needed most? >> i think it is important to have centrist voices in the united states sales in the but given the fact that i have spent 34 years in the united states congress, i thought that in looking over the next six years whether or not it would appreciably change, i didn't think so. i thought it was best to contribute my experience and insiders a voice to match the outsider's frustration and to talk about how it can change and how it used to work i don't see how it changing on the short term, given the partisanship, polarization, putting the political parties first around not the country's interest first, the outside groups that you perpetuate division, i thought i could best contribute that way. i want to ma
we shouldn't be in this fiscal cliff today. we shouldn't have had sequestration and automatic cuts. we shouldn't have had the debt controlling debackle. all that was manufactured by the united states congress. and so i'm sanded by where we stand. >> can i ask you this is with all respect is there a concern that perhaps you're almost bailing at a time when your moderation is needed most? >> i think it is important to have centrist voices in the united states sales in the but given...
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and waiting has her on a fiscal cliff of her own. what does it do to there's another month, two months, three months of this? >> it could potentially impact the entire year. it doesn't allow you to make any plans or focus on what your future expansion or growth or anything is. >> reporter: it could shoot a hole in your whole year. >> yes. reporter: california has the most workers associated with the defense industry. in 2010 the numbers topped out at more than 160,000 employees so the wrangling in washington has a huge impact here. there seems an element of this that is just... >> unfair? reporter: is that what you think? >> incredibly unfair. reporter: because? because they have a responsibility. they're not taking care of it. >> reporter: the company did to have lay off workers during the recession but she said things were starting to get better. december was a very good month. all this unis effort tee she says puts her right back to square one a problem that she says was completely avoidable from the start. >> lee cowan, thank you
and waiting has her on a fiscal cliff of her own. what does it do to there's another month, two months, three months of this? >> it could potentially impact the entire year. it doesn't allow you to make any plans or focus on what your future expansion or growth or anything is. >> reporter: it could shoot a hole in your whole year. >> yes. reporter: california has the most workers associated with the defense industry. in 2010 the numbers topped out at more than 160,000...
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draws closer and closer to that fiscal cliff. the defense department is facing billions in budget cuts. how a furlough could affect civilian employees in the u.s. and around the world. oh, hey mike. what are you up to? oh, just diagramming this accident with my state farm pocket agent app. you can also get a quote and pay your premium with this thing. i thought state farm didn't have all those apps? where did you hear that? the internet. and you believed it? yeah. they can't put anything on the internet that isn't true. where did you hear that? [ both ] the internet. oh look. here comes my date. i met him on the internet. he's a french model. uh, bonjour. [ male announcer ] state farm. more mobile than ever. get to a better state. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market
draws closer and closer to that fiscal cliff. the defense department is facing billions in budget cuts. how a furlough could affect civilian employees in the u.s. and around the world. oh, hey mike. what are you up to? oh, just diagramming this accident with my state farm pocket agent app. you can also get a quote and pay your premium with this thing. i thought state farm didn't have all those apps? where did you hear that? the internet. and you believed it? yeah. they can't put anything on the...
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senator john mccain says automatic spending cuts to be delayed for two months under tentative fiscal cliff deal. that would seem to me we're going to get a vote at some point this evening on the tatax portion with the delay. we get it in the senate and then it would move to the house and latourette is saying house members have been told to stay close. they may be called back to continue fiscal cliff negotiations. >> yep. you have got the wires right there. and so there had been some conversations, some reports that there might be a two-month or 90-day sequestration, a delay in the sequestration as part of trying to get through this to buy the congress the new congress, more time to do this in a more deliberative way of the as you recall the sequestration was meant to be a hammer from the big super-committee, from back in the 2011 debt ceiling deal. adam: right. >> and everybody thought they would work that out in the super-committee. the super-committee did not work out anymore measured considered cuts. now we have the hammer and members still don't want the hammer. they want toave a
senator john mccain says automatic spending cuts to be delayed for two months under tentative fiscal cliff deal. that would seem to me we're going to get a vote at some point this evening on the tatax portion with the delay. we get it in the senate and then it would move to the house and latourette is saying house members have been told to stay close. they may be called back to continue fiscal cliff negotiations. >> yep. you have got the wires right there. and so there had been some...
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there's a two-month delay when it comes to dramatic spending cuts put out as part of the fiscal cliff. the stock market is closed for today of course it's a holiday. we don't know how wall street will react. but we have a feeling and a sense of how you are responding. alison kosik at a diner in new york. i imagine if you talk to folks they are really frustrated with this thinking, why would you wait until the very last minute? this is something that impacts all of us. what are they telling you? >> reporter: there are lots of opinions, yeah. we're in new york city where people don't hold back their opinions. what happen's great about the diner, we're getting opinions from across the country. liz here from maine all i have to do is say the words fiscal cliff, what comes to mind? >> it's not a cliff, it's a slope. >> reporter: meaning? >> it's not a huge deal. it's not going to be like this disastrous event. it's just not. it's not going to affect me06u personally. i'm a graduate student. i get paid by state of indiana for my assistantship. it's not going to affect me. it's not going to
there's a two-month delay when it comes to dramatic spending cuts put out as part of the fiscal cliff. the stock market is closed for today of course it's a holiday. we don't know how wall street will react. but we have a feeling and a sense of how you are responding. alison kosik at a diner in new york. i imagine if you talk to folks they are really frustrated with this thinking, why would you wait until the very last minute? this is something that impacts all of us. what are they telling you?...
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"hours from the fiscal cliff, washington awaits deal." experts foresee a significant drag on the economy. negotiators keeping the bush-era tax cuts in place for all but the wealthiest americans. this is having a huge impact on what the markets want, which is some certainty. good morning, andy. caller: i was a volunteer rescue worker at the world trade center. i have two cancers. these guys want to mess with social security. there was a guy on yesterday. he was willing to pay a little more. he will still have over $200,000 left. he'll have maybe $20,000 last. it is ridiculous. we of the strong people. we are the ones that survive. they call us the little people. we are the strong people. host: it is 7:35 eastern time. the house will gavel and at 9:00 p.m. eastern time. we will have live coverage. the senate is coming in at 11:00 a.m. more from the senate floor yesterday. [video clip] >> i'm sure if president does not want a climate like this happen. i do not want on my watch for this to be the last thing that happens on my watch. i do not
"hours from the fiscal cliff, washington awaits deal." experts foresee a significant drag on the economy. negotiators keeping the bush-era tax cuts in place for all but the wealthiest americans. this is having a huge impact on what the markets want, which is some certainty. good morning, andy. caller: i was a volunteer rescue worker at the world trade center. i have two cancers. these guys want to mess with social security. there was a guy on yesterday. he was willing to pay a little...
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, like the ones in the fiscal cliff proposal or, at worse, the monetizing of the debt, the -- a drop in the value of the dollar, and all the harmful effects that that will have on our economy and our country. so, we come -- so, here we are december 31, not only the eve of a new year, which we hope and pray will be a great one for our country and everyone who lives in it, but a few hours away from letting our country go over the cliff. and we can't let it happen, and that's why i'm so encouraged that these bipartisan negotiations will produce -- are looking like they'll produce a bipartisan agreement which hopefully will come before the senate sometime this evening. this is not -- this will not be the comprehensive, bipartisan long-term debt agreement that we created the cliff to encourage. this will not be the bipartisan long-term debt reduction agreement that this country needs. so smuch going -- beginning to turn right in our economy. how's -- so much is going -- beginning to turn right in our economy. housing is doing so much better. unemployment is down. you see manufacturing pic
, like the ones in the fiscal cliff proposal or, at worse, the monetizing of the debt, the -- a drop in the value of the dollar, and all the harmful effects that that will have on our economy and our country. so, we come -- so, here we are december 31, not only the eve of a new year, which we hope and pray will be a great one for our country and everyone who lives in it, but a few hours away from letting our country go over the cliff. and we can't let it happen, and that's why i'm so encouraged...
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[no audio] >> just hours away from possibly going over the fiscal cliff. if without a deal before midnight, americans will be ringing in this new year with tax hikes and spending cuts. this could kick the economy back into a recession. both chambers convened in a rare sunday session but came up empty. all a great tax rates should be preserved for the middle class. >> taxes on middle class families do not go up. >> in the deal must force wealthier americans to pay more. republicans say that will do nothing to curb the mounting debt. ernie to joe biden to break the stalemate. >> we are running at a time. there is too much at stake. >> workers may see less and there paycheck if there is no agreement. government contractors might be forced to lay off employees. businesses could lose tax breaks. many americans are still hoping for an 11th hour compromise. >> i would hope they could work together and realize that this is affecting everyone. >> both chambers will reconvene later this morning, at which point there will be 12 hours left until the deadline. >> what
[no audio] >> just hours away from possibly going over the fiscal cliff. if without a deal before midnight, americans will be ringing in this new year with tax hikes and spending cuts. this could kick the economy back into a recession. both chambers convened in a rare sunday session but came up empty. all a great tax rates should be preserved for the middle class. >> taxes on middle class families do not go up. >> in the deal must force wealthier americans to pay more....